Today, the BTC/USD pair continues to trade along the 30,000 mark. From time to time, the bears manage to push the price below $30,000 but the bulls bring the price back. Today, the BTC/USD pair managed to return above 30,000 against the backdrop of price growth of technology companies’ shares in Asian countries. Thanks to the decrease in rate in China, activity in the construction market is growing, which has a positive effect on the entire stock market of the Asian region.
The BTC/USD pair has been trading near the 30,000 mark since May 13th. Analysts suggest that Bitcoin is entering an accumulation phase. Several factors have appeared on the market that signals a gradual change in trend.
When the price of Bitcoin failed to rise above $44,000 three times in February, everyone expected the start of a bearish correction. The mark of 40,000 did not provide the necessary support. As a result, we saw a pullback to the area of 37,500, which also did not become a demand zone. Further, the BTC price dropped to the area of 30,000. And now we see an increase in trading volumes and a return of institutional ones.
The BTC price has been declining for seven consecutive weeks. The eighth weekly candle will also be bearish. At the same time, the volume of trading on the spot and derivative markets demonstrate maximum values. The volume peaked when the price of BTC fell to $26,000. At the same time, we see an increase in the activity of Asian traders. Asian trading volumes have already begun to exceed US trading volumes. At the same time, it is worth noting the return of institutional investors.
The market will remain bearish in the coming weeks. The Fed will continue to tighten its policy. We do not rule out that the BTC/USD pair may drop to the 24,000 area. However, the 30,000-24,000 area will be an excellent opportunity for long-term investors to buy Bitcoins.